LeoVegas Pulled Royal Panda from the Challenging UK Gambling Market
Amid rising controlling pressure and ahead of an impending review of present laws and regulations, Royal Panda is the latest online gambling brand to pull out on its UK operations. The parenting company of the online casino, LeoVegas Group, announced its decision to pull the plug on the Royal Panda brand from the UK gaming market.
Royal Panda stopped to accept new players from the UK on the 8th of January,2020. LeoVegas said existing clients will be able to make deposits and place sports gambling bets until the 20th of January 2020. UK gamblers and punters won’t be able to access their casino accounts with Royal Panda from the 31st of January 2020. LeoVegas has encouraged Royal Panda players to withdraw they have on their casino accounts. The business said that it would “proactively try” to release any residual cash balances to the payment option on record.
Royal Panda Urges Players to Withdraw Cash
If players cannot withdraw their money for any reason, the firm will try to get in contact with customers through email to make alternate arrangements. After 12 months, any funds that are left will be donated to the Gamble Aware charity. Casino players with a bonus balance can use it until the 31st of January 2020. As for players with unsettled wagers, they will be communicated by the operative to be well-versed about what will happen with those wagers and any possible winnings.
News about the removal of Royal Panda from the UK arrived after Gustaf Hagman, LeoVegas Group CEO said in the corporation’s third-quarter economic update that while the UK gaming market was moneymaking at a group level, it continued to be very thought-provoking, with Royal Panda displaying poorer performance in the three months to the 30th of September, 2019.
Affiliates Told to Eliminate P.R. Content
Royal Panda’s exit from the UK will affect the brand’s associate partners. They were told they should confirm that they have stopped to promote the web casino and gambling site in the UK by the 31st of January 2020. Also, Affiliates were informed to remove all UK-targeted P.R. content from their sites and any links to Royal Panda which targets UK-based gamblers and punters by the end of January.
LeoVegas bought Royal Panda in October 2017. Firming the group’s spot in the UK gambling market was one of the biggest benefits quoted by LeoVegas’ management. However, with the rising regulatory pressure and additional restrictions predictable to be presented in the coming years, operations in the UK become too much of a trouble for most operatives.
In the past week, Malta-based web gambling operative MaxEnt also announced its departure to explore on well-regulated European markets instead. The group runs the GoSlotty, Slotty Casino, Vulkanbet, and also GGBet brands, had its UK license annulled by the UK Gambling Commission in 2019.